Bears continued their dominance on the trading floor of the Pakistan Stock Exchange (PSX) on Wednesday, with analysts attributing the sell-off to pre-election uncertainty and high leverage costs.
According to the PSX website, the KSE-100 index plunged by 1484.58 points at 1:40pm to sink to 61,345, down 2.21 per cent from the previous close of 62,833.03.
The index managed to recover most of its losses later in the day and closed at 62,448.01 points, down 385 points or 0.61pc from Tuesday’s close.
A day earlier, shares witnessed the second-biggest overnight fall in the 32-year history of the benchmark index. As many as 94 shares of the KSE-100 index took a beating while the remaining six shares either advanced or closed flat.
Analysts had attributed the sharp decline to profit-taking by investors who believed the market was heating up after a rapid gain of 25,000 points to the index in the last few months.
